How to Close the Value Gap
Don’t sell to someone unless you are sure they are ready to buy, with money AND time. Otherwise you create a gap between the value of what you offer and what they pay for it
Let's say you have a Netflix subscription because you think you love binge-watching series. But you never do.
There's a Value Gap there – the gap between the potential value and the actual value of your subscription.
Why is it there? Maybe because Netflix has a Usability Gap ("having a feature but people can't use it" ~Jakob Nielsen).
But the most common cause of a value gap is that people buy when they aren't ready. (Chief culprit: direct marketing).
The second most common cause of a value gap is that people don't spend enough time with what they buy. Maybe they didn't pay enough for it in money, so they won't pay enough for it in time either.
But you always pay for high-value solutions in both time and money. A good $20 book costs a small fortune – in time.
If your solution is transformative, how do you say: "you pay for this with money and time"? If you can figure out how to charge in the currency of time, you'll close the value gap.
And if someone "can't" pay with time, they're not ready.